According to a statement, the "Fair Game" star will portray the late Princess of Wales during the last two years of her life. (Diana died following a high-speed car crash in 1997.)

"Caught in Flight," a statement says, "charts how finding true personal happiness for the first time allowed her to achieve her defining successes evolving into a major international campaigner and humanitarian."

The film will be directed by Oliver Hirschbiegel, who says in the statement that he's "delighted to have such a truly exceptional actress who embodies the warmth, humanity and empathy of such a global icon as Princess Diana."

Watts, 43, speaks on what "an honor" it is to have landed "an iconic role."

"Princess Diana was loved across the world," Watts said, "and I look forward to rising to the challenge of playing her on screen."

Production on "Caught in Flight" is scheduled to begin in the U.K. later this year.

LOUSY choice!
They should have picked an unknown to play the part of Di,
afterall, wasn't SHE just a commoner when the world discovered her???
Having a big name star in this role will take away from Di's charm...The whole
fairy tale aspect has been lost on whoever cast this role...BOOOOO!!!

@ carrieanne because she put it out there and ben is right the younger generation may not even know who she is. When famous people put themselves out there, and she did, she played the paparrazi to her advantage then movies and tabloid reports are going to be made. Yes she was a great and beautiful lady, but you can't have the press only when you want them, or you want to make your ex look bad.....just sayin.

Your parents and family must be very proud of you posting this trash on a public forum. You are a coward hiding in anonymity and very fortunate that CNN does not follow its own Rules of Conduct and ban you. Truly a piece of human trash.